Entrepreneurship Basics
This term describes a small side business you run alongside school or a job.
What is a side hustle?
This document outlines your business idea, goals, and how you'll achieve them.
What is a business plan?
Money you invest in your own business from personal savings is called this.
What is bootstrapping (or personal investment)?
This statement shows what your business owns and owes at a specific time.
What is a balance sheet?
This is the money coming into your business from sales.
What is revenue (or income)?
Someone who starts and runs their own business, taking on financial risks.
What is an entrepreneur?
A simple one-page tool to outline your business model, like customer segments and costs.
What is a lean canvas (or business model canvas)?
Borrowing money from friends or family for your business is often called this type of funding.
What is friends and family funding (or love money)?
This records all money coming in and going out over a period.
What is a cash flow statement?
Expenses that stay the same regardless of sales, like rent.
What are fixed expenses (or fixed costs)?
Turning a hobby or skill into a money-making venture is starting one of these.
What is a side hustle (or monetizing a passion)?
This presentation deck is used to pitch your business idea to potential investors.
What is a pitch deck?
Crowdfunding platforms like Kickstarter let you raise money from many small these.
What are contributions (or backers/donations)?
The difference between revenue and expenses is this key business metric.
What is profit?
This plan outlines potential problems and how you'll handle them.
What is a risk management plan (or contingency plan)?
Legal structures like sole proprietorship or LLC affect taxes and this personal exposure.
What is liability (or personal liability)?
Identifying your target customers and their needs is part of market this.
What is research?
Investors who give money in exchange for ownership shares are called these.
What are venture capitalists (or equity investors)?
Reconciling your bank account ensures your records match this external statement.
What is a bank statement?
Predicting future sales and expenses to plan ahead is called financial this.
What is forecasting?
Passive this comes from business activities that require little ongoing effort, like royalties.
What is income?
Using QuickBooks to track transactions helps maintain accurate business these.
What are records (or books)?
Comparing debt, equity, and bootstrapping are key options for this a business.
What is financing (or funding)?
This report shows profits, losses, and overall financial performance over time.
What is an income statement (or profit and loss statement)?
Economic downturns or competition are external these that impact your business.
What are risks?